Overview
- The special CBI court in Ahmedabad, ruling on Monday, sentenced four people to five years in two linked bank fraud cases.
- The convicted are former UCO Bank senior manager Medam Bhagavathi Prasad, assistant manager Bhaskar Rameshchandra Soni, and private proprietors Jayendrasinh Dahyaji Makwana and Vanrajji Prabhtaji Solanki.
- The court imposed a total fine of Rs 1.33 crore in the first case and Rs 72 lakh in the second case.
- The CBI said Prasad approved cash credit and term loans worth Rs 6.43 crore using forged documents at UCO Bank’s Chiloda branch in Gandhinagar, leaving Rs 3.63 crore outstanding across 17 accounts by December 2015 with most turning into non-performing assets.
- The agency registered both cases on April 27, 2016 and filed chargesheets on November 17, 2017 after its investigation.